10 Year Solidarity Bond Advice

T

TableEnd

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We invested 5000 in a solidarity bond in 2010. The plan then was to continue investing a small amount into this account (40 euro) per month. Our assumption was that this would continue to be lodged into the account with the 5000 to top it up as such. Instead this 40 euro is accumulated to amounts of 120 and a solidarity bond is created. We don't want this as it means we are going to have multiples of 120 maturing at various stages in 10 years time. What is the best thing to do going forward. We would like to put x amount in an account that is safe and earning a little interest.

Please advise?
 
TE, there is a wealth of information available in the 'best buys' section of this forum, depending on your need for access to funds and how long you wish to place on deposit. I'd go there, rather than replicate that information here again. Sounds to me like you would like to set up a regular saver account to go with your existing Bond investments.

As a rule, term deposits generally do not allow top-up amounts to intitial invested funds.
 
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Thanks we don't mind locking it up for 10 years, we just don't want a policy of such small amounts maturing every three onths after the 10 years

We think we are going to go with the installment saving account with An post. Save x-amount per month and at the end of the year it is invested for 5 years I think at 17%.

What are your thoughts on this?
 
My understand of point 22 of this:

http://www.statesavings.ie/Downloads/NSBFAQs.pdf

...is that the maturity proceeds are automatically paid into your "State Savings" account. This should be a reasonably streamlined process so even if you have multiple bonds of 120 each these will accumulate in the "State Savings" account and you can withdraw as you need.

I don't work for An Post/NTMA though so perhaps worth checking...
 
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